Covid-19 support schemes back nearly 1.5m businesses

20th November 2020 Alternative Business Lending |

Latest HM Treasury figures have revealed that nearly 1.5 million businesses across the country are now supported by the UK’s banking and finance industry with a total of £65.5 billion in lending through government-backed Coronavirus lending schemes. Almost 1.4 million smaller businesses have now accessed financing as part of the Bounce Back Loan Scheme, with…

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Credit & Collections Technology Awards announces 2020 winners

20th November 2020 Arrears and Recoveries |

The winners of the 2020 Credit & Collection Technology Awards have been announced following a live interactive virtual awards broadcast yesterday (Thursday 19th November). The awards are the flagship event for innovational technological professionals working in credit and collections and the fourth annual event honoured the UK’s technological innovators, celebrating outstanding achievement across nineteen hotly…

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Asset finance market declines by 11%

5th November 2020 Asset Finance |

New figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) fell by 11% in September 2020 compared with the same month in 2019.  In the nine months to September 2020, new business was 27% lower than in the same period in 2019. The…

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Business borrowing set to rise five fold

3rd November 2020 Alternative Business Lending |

The Covid-19 pandemic will cause firms to borrow over five times the amount in 2020 than in 2019, with many unlikely to start repaying until 2022 with total stock of bank lending to businesses forecast to close 2020 at £493bn, an 11% year on year increase, due to firms borrowing heavily through the pandemic. EY…

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Treasury extends emergency business loans scheme

3rd November 2020 Asset Finance |

The Treasury has announced that applications for the Bounce Back Loan Scheme (BBLS), Coronavirus Business Interruption Loan Scheme and Coronavirus Large Business Interruption Loan Scheme will now be open until the end of January. The extension, which carries support before the previous end point of 30th November, also applies to the Future Fund, an initiative…

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Over 1.4m businesses supported through Government lending schemes

23rd October 2020 Asset Finance |

Latest figures from HM Treasury have revealed that the UK’s banking and finance industry has supported over 1.4 million businesses across the country through government-backed Coronavirus lending schemes. Lenders have approved over 73,000 facilities through the CBIL scheme and over 1.3 million business owners have benefited from the Bounce Back Loan scheme. For larger businesses,…

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Future fund approves £770.8m for 745 companies

21st October 2020 Alternative Business Lending |

The British Business Bank has published Future Fund data that gives a detailed picture of the 745 companies that have been approved for £770.8m worth of Convertible Loan Agreements since the scheme was launched on 20th May. There have been 1,243 applications in total since the scheme was launched. The data reveals, 42% of funding…

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Criminals may have claimed billions through the Bounce Back Loan Scheme

7th October 2020 Alternative Business Lending |

An analysis of the government loan scheme for struggling small businesses by the National Audit Office (NAO) has suggested that criminals could have stolen more than £1.9 billion from taxpayers. The report also found that the Bounce Back Loan Scheme succeeded in quickly supporting small businesses, but the government faces a potential loss of £15…

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Business lending hits £34.5bn in second quarter

7th October 2020 Alternative Business Lending |

Latest figures from UK Finance have indicated that gross lending of £34.5 billion in the second quarter was, in a single quarter, 50 percent more than the annual total in 2019. Figures also showed that ,more than a million businesses had applications approved for finance under Government schemes by the end of June. Un-utilised overdraft…

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Fully-charged fintech sector can drive SME growth

6th October 2020 Alternative Business Lending |

A fully-charged fintech sector can drive SME growth after Bounce Back Loan scheme closes according to business lender Iwoca. The CEO of the business lender has outlined the need for the fintech industry to be strengthened so it can support the growth of small and micro-businesses after the Bounce Back Loan scheme closes at the…

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2020 Credit & Collections Technology Awards confirms move to online ceremony

28th September 2020 Arrears and Recoveries |

The Credit & Collections Technology Awards, which recognises technological innovation in the credit and collections industry for companies and individuals who have done the most outstanding work in the past year is set to announce the winners via an online webinar ceremony on Thursday 19th November. This year’s online Awards ceremony will replace the face-to-face…

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Over 1.3 million businesses benefit from £100bn support amid pandemic

23rd September 2020 Alternative Business Lending |

Over £100 billion in support from banks and the government has been received by UK firms through coronavirus stimulus initiatives, with lenders distributing more than £58 billion and companies claiming £39.3 billion under the furlough schem. Figures from HM Treasury published today reveal that UK lenders have supported over 1.33 million businesses across the country…

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Call for delay of pandemic debt until businesses become profitable

11th September 2020 Alternative Business Lending |

A study by Onward has found that around 20% of British businesses are only making enough profit to cover their debt interest payments. High levels of corporate debt built up by companies during the COVID-19 pandemic has pushed 4.3% of firms into technical insolvency, the report estimates. In the new research paper titled ‘Paying it…

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